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South Korean credit cardholders spent about 222 trillion won (US$159.4 billion or 116.2 billion euros) between January and September, up 21.3% from the 183 trillion won spent during the same period last year, according to the country's Credit Finance Association, a nonprofit advocacy group whose members include credit card firms. The spending figures including transactions conducted abroad by South Korean credit cardholders. One reason for the increase is that increasing prices for daily purchases have driven more consumers to put such spending on credit cards, a spokesperson for the group tells CardLine Global. "Credit card spending in Korea will keep increasing," the spokesperson says. South Korea has some 93 million credit cards in circulation, the association says.
